Exhibit 99
IMMEDIATE

         Wayne R. Weidner, Chairman and CEO, National Penn Bancshares, Inc.
                  (610) 369-6282
         Hugh J. Garchinsky, President, Peoples First, Inc.
                  (610) 932-9294

NATIONAL PENN COMPLETES PEOPLES MERGER

         Boyertown, Pennsylvania, June 10, 2004. National Penn Bancshares, Inc.
(Nasdaq: NPBC) ("National Penn"), parent company of National Penn Bank,
announced today the closing of the transaction to acquire Peoples First, Inc.
("Peoples"), parent company of The Peoples Bank of Oxford ("Peoples Bank").
Peoples Bank is a $461 million bank headquartered in Oxford, Pennsylvania,
operating eight community offices in Chester and Lancaster Counties,
Pennsylvania and one community office in Cecil County, Maryland.

         Peoples Bank will retain its name and operate as a division of National
Penn Bank. Additional community offices are planned. Wayne R. Weidner, Chairman
and CEO of National Penn, said, "This is a key acquisition for us because it
helps us expand our presence in southern Chester County and represents our first
expansion into Maryland. It also allows us to build upon our newly acquired
HomeTowne Heritage division in Lancaster County."

         "This acquisition permits us to begin implementing the next step of our
strategic growth plan," said Glenn E. Moyer, President of National Penn.
"Peoples' current management team has done an excellent job of energizing their
company. They bring the leadership talent to ensure that this expansion
continues the National Penn tradition of high performance community offices that
emphasize customer service."

         Peoples' present directors will be appointed to a new Peoples Bank
divisional board of directors. The current chairman of the Peoples board, George
C. Mason, will become a director of National Penn Bancshares, Inc. Peoples'
President, Hugh J. Garchinksy, will become a director of National Penn Bank and
President of the Peoples Bank Division.

         Peoples shareholders will receive either 1.505 shares of National Penn
common stock, $49.54 in cash, or a combination of both, for each share of
Peoples common stock. Peoples shareholder elections were subject to allocation
procedures. The application of these procedures will result in the exchange of
30 percent of the Peoples shares for cash and the remaining shares will be
exchanged for National Penn common stock. Options for Peoples common stock will
be exchanged for options for National Penn common stock.

         Peoples' Chairman, George C. Mason, said "We couldn't be more enthused



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with the partnership with National Penn. National Penn has a reputation for
honesty, integrity and performance. Our customers are the big winners. Our same
people will be able to deliver more products and services to our customers."

         Peoples' President, Hugh J. Garchinsky, said "National Penn and Peoples
share the same core value and community bank structure. The affiliation with
National Penn offers us an expanded opportunity to enhance our product
offerings, services and delivery channels to both current and prospective
customers. Positioning The Peoples Bank of Oxford as a division of National Penn
Bank provides our customers with the continued benefit of a community bank
philosophy with the resources of a larger organization supporting us."

         Griffin Financial Group LLC served as financial advisor to National
Penn, and Sandler O'Neill & Partners, L.P. served as financial advisor to
Peoples. Ellsworth, Carlton, Mixell & Waldman, P.C. provided legal counsel for
National Penn, and Stevens & Lee, P.C. provided legal counsel for Peoples.

         Following the merger, National Penn will have $4.2 billion in assets
and will operate 74 community offices in southeastern Pennsylvania through
National Penn Bank and its FirstService, HomeTowne Heritage and Peoples Bank
Divisions. Trust and investment management services are provided through
Investors Trust Company and FirstService Capital; brokerage services are
provided through Penn Securities, Inc.; mortgage banking activities are provided
through Penn 1st Financial Services, Inc.; insurance services are provided
through FirstService Insurance Agency, Inc.; and equipment leasing services are
provided through National Penn Leasing Company. National Penn Bancshares, Inc.
common stock is traded on the Nasdaq Stock Market under the symbol "NPBC."
Additional information about the National Penn family is available on National
Penn's Web site at www.nationalpennbancshares.com.

         This press release contains forward-looking statements concerning
future events. Actual results could differ materially due to the following risks
and uncertainties -- deteriorating economic conditions; increased competition;
interest rate movements; market volatility in the securities markets;
legislative or regulatory developments; merger-related synergies, savings and
integration issues; technological changes; and other risks and uncertainties
discussed in National Penn's reports filed from time to time with the Securities
and Exchange Commission. National Penn cautions readers not to place undue
reliance on these statements. National Penn undertakes no obligation to publicly
release or update any of these statements.


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